No.1 - Now It's Your Turn NASDAQ

The stock market just completed its best May since 2003 pushing the S&P 500 and Dow to all-time highs. But what about the NASDAQ?

The index is well below the record it set in March of 2000. Seven years ago the tech bull run was led by the 4 horsemen; Microsfot (MSFT), Oracle (ORCL), Intel (INTC) and Cisco (CSCO)

Eric Bolling says he’s bullish on technology because companies have to continue to spend on tech. Eric thinks Google (GOOG) , Apple (AAPL) Microsoft and Intel are the “new” four horsemen. If you can only have two in your portfolio make it Apple and Microsoft he adds.

Pete Najarian says it’s important to like the forward PE on stocks and a lot of NASDAQ stocks have very high PE ratios. He says the danger names on the NASDAQ include Celgene (CELG) with a 330 P/E; Genzyme (GENZ) with a 429 P/E; and Electronic Arts (ERTS) with 185 P/E.

Jeff Macke thinks tech is wildly under-owned and he believes investors will be getting back into these names in a hurry.

Now It's Your Turn, Nasdaq

The leader of the last bull market is still 48% from a record close, and the Fast Money crew looks at which companies will lead the Nasdaq to a new record.

Guy Adami says after hours Dell (DELL) released earnings data which fell slightly, as well as plans to lay off more than 8,000 employees over the next year as part of an ongoing restructuring. The news solicited an impressive response from the stock market, says Guy because Dell is not a terrible company it’s just been run horribly. Guy thinks Dell is set up to trade at $30. (It’s worth noting Dell closed at $26.91 on Thursday May 31st)

CNBC’s Jane Wells joins the guys from Google’s developer conference for the rest of the conversation.

Jane says GOOG announced three advances on Thursday and all are worth noting.

1) Google has offered outside web developers free code so they can create “mash-ups” – a tech term for taking a lot of applications and mashing them together.

2) Google announced Google Gears, a new application which will allow users to continue to use Google even when they’re not connected to the internet.

3) Google says users can now get recording artists of all the 4 major record companies on YouTube which Jane calls a threat to Apple’s iTunes.

Eric Bolling likes these developments and adds Adobe (ADBE) might be worth buying because its software will be needed to create a lot of the content. On a related note, he also likes Research in Motion (RIMM) for its chart.

Jeff Macke says these developments confirm his belief that companies who are making content free to users are companies worth buying.

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Trader disclosure: On May 31, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Bolling Owns (T), (ICE), (NMX), Natural Gas, Sugar, Coffee; Najarian Owns (BIDU),(OXPS),(AAPL),(CLF),(DNDN),(MOS); CNBC Is A Service Of NBC Universal And Dow Jones